Nearest listed expiration 2026-07-06 shows max pain at $86.00 (0.49 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$86.00
Nearest expiry
Expected Move
±$0.37
±0.4%
Days to Expiry
4
Calendar days
Total Call OI
36,649
Nearest expiry
Total Put OI
14,029
Nearest expiry
P/C OI Ratio
0.38
Put-heavy
Spot Price
$85.51
Published close
Consensus
9.0/10
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-07-06
Expiration
Max Pain Strike
Last Updated
2026-07-01
$87.00
7/1/2026, 11:33:57 PM
2026-07-02
$86.00
7/2/2026, 11:34:49 PM
2026-07-06NextUpdated
$86.00
7/3/2026, 11:29:49 PM
2026-07-08
$86.00
7/3/2026, 11:29:49 PM
2026-07-10
$86.00
7/3/2026, 11:29:49 PM
2026-07-17
$86.00
7/3/2026, 11:29:49 PM
2026-07-24
$86.50
7/3/2026, 11:29:49 PM
2026-07-31
$86.00
7/3/2026, 11:29:49 PM
2026-08-07
$86.50
7/3/2026, 11:29:49 PM
2026-08-21
$86.00
7/3/2026, 11:29:49 PM
2026-09-18
$87.00
7/3/2026, 11:29:49 PM
2026-09-30
$87.00
7/3/2026, 11:29:49 PM
2026-10-16
$87.00
7/3/2026, 11:29:49 PM
2026-11-20
$88.00
7/3/2026, 11:29:49 PM
2026-12-18
$87.00
7/3/2026, 11:29:49 PM
2026-12-31
$86.00
7/3/2026, 11:29:49 PM
2027-01-15
$87.00
7/3/2026, 11:29:49 PM
2027-02-19
$87.00
7/3/2026, 11:29:49 PM
2027-03-19
$87.00
7/3/2026, 11:29:49 PM
2027-03-31
$83.00
7/3/2026, 11:29:49 PM
2027-04-16
$85.00
7/3/2026, 11:29:49 PM
2027-05-21
$83.00
7/3/2026, 11:29:49 PM
2027-06-17
$85.00
7/3/2026, 11:29:49 PM
Selected expiration: 2026-07-06 at max pain $86.00.
TLT pain by strike for 2026-07-06 expiration
Strike
Call Pain
Put Pain
Total Pain
70
0
19697350
19697350
78
0
8474150
8474150
79
0
7071350
7071350
80
1000
5668650
5669650
80.5
1500
4967400
4968900
81
2000
4269150
4271150
82
3000
2888150
2891150
82.5
3500
2262200
2265700
83
4000
1644300
1648300
83.5
4500
1224400
1228900
84
5000
921350
926350
84.5
5500
652500
658000
85
6700
396450
403150
85.5
8200
214900
223100
86
51050
88800
139850
86.5
210500
36400
246900
87
412900
850
413750
87.5
730400
600
731000
88
1112950
450
1113400
88.5
1552500
350
1552850
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.